A bill to repeal recently added provisions of the Internal Revenue Code of 1954 which limit the deduction for depreciation and the investment tax credit in cases of property which may be used for personal purposes and to repeal recently added recordkeeping requirements imposed in connection with such property.

Repeals provisions of the Deficit Reduction Act of 1984 relating to: (1) the limitation on the deduction for depreciation and the investment tax credit for luxury automobiles and certain property which may be used for personal purposes; and (2) the maintenance of contemporaneous records with respect to business travel expenses, including automobile expenses, business entertainment expenses, and expenses for gifts.